Trump says he hasn't agreed to tariff rollback

China, US agree to roll back additional tariffs

China, US agree to roll back additional tariffs

China and the United States were on the brink of reaching a deal in May when Beijing backed away from it, prompting Trump to raise tariff rates and embark on new rounds of punitive duties.

Trump said while China wants a partial reversal of tariffs imposed in the trade war, he won't fully eliminate them.

Despite the enthusiasm of the Trump administration to sign a phase one trade deal with China, reports said the deal could be delayed until December as consensus eludes on the pact's terms and a possible venue for signing the deal. -China trade war, though experts warn that a final deal isn't over the finish line.

Tokyo rose after Beijing said Thursday the two sides agreed to the step if they make progress on an interim deal.

"The question right now is what the two sides have actually agreed on - the market's focus has shifted to how the US may react to China's tariff remarks tonight or in coming days", said Tommy Xie, an economist at Oversea-Chinese Banking Corp.

USA stocks dipped after Trump's comments, and the dollar fell against the yen, stalling a rally fueled by trade deal optimism that took major indexes to record levels.

USA stocks pared gains after Reuters reported that the plan faced internal opposition.

In response to the president's comments, Hu Xijin, the editor of China's nationalist Global Times newspaper, tweeted: "What's certain is that if there's no rollback of tariffs, there will be no phase 1deal".

Prospects appear to have brightened for a preliminary breakthrough in the U.S. "The Chinese have some wishful thinking and are trying to soothe their domestic hardliners that the tariffs will someday come off".

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But Trump faces internal divisions, with his more hawkish advisers warning that removing tariffs without more substantial commitments from China to end its problematic behavior will do little to resolve USA concerns and amount to a capitulation.

"If China [and the] USA reach a "phase one" deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement", he said.

"Negotiations are continuing and progress is being made on the text of the phase one agreement", White House spokesman Judd Deere said.

Republican lawmakers are urging the Trump administration to tie any tariff rollbacks to Beijing's compliance with specific elements of the agreement.

He attributed the rise in exports to a pick-up in U.S. demand after both countries outlined an interim deal and Washington suspended a threatened tariff hike set for October 15.

U.S. President Donald Trump had accused China of stealing ideas originating from the U.S. via patent infringement.

They also sought relief from earlier 25% tariffs on about $250 billion of imports, ranging from machinery and semi-conductors to furniture.

"It is unlikely that the bulk of existing tariffs will be removed soon and other types of restrictions are also coming, implying decoupling and tension", said Louis Kuijs, head of Asia economics at Oxford Economics. A location for an upcoming meeting has yet to be determined.

Trump said China agreed to buy up to $50 billion of American farm goods. Complicating matters, uncertainties over the timeline and location for Trump and Xi to meet and sign the deal remain after Chile canceled its hosting of the November 15-16 Asia-Pacific Economic Cooperation.

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